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The biggest hit to net profit came from a CHF4.2bn charge linked to the transfer of toxic assets to a so-called bad bank managed by the Swiss National Bank. An additional CHF2.3bn came from charges including markdowns on so-called leveraged loans.

UBS also said it would significantly slash bonus payouts as part of a deal with Swiss regulators, handing out only CHF1.2bn for last year, compared with CHF7.9bn in 2007.

The firm maintained a “cautious” outlook for the near term, saying it had attracted net inflows in both its wealth management and asset management divisions last month, after huge fourth-quarter outflows.

Separately, the bank declared a limited restructuring to allow greater focus on its core Swiss and wealth management businesses, with the appointment of a new chief executive for the domestic market and strengthening of the private bank’s representation on the group’s executive board.

Emphasising its commitment to investment banking, UBS ruled out a sale of the unit, calling it a “core business”. Marcel Rohner, chief executive, also rebuffed rumours that the group might divest its wealth management Americas division.